Hydrogen Generation Market Analysis: Key attributes shaping global hydrogen generation market value to nearly $209billion by 2025
Hydrogen Generation Market Analysis: Key attributes shaping global hydrogen generation market value to nearly $209billion by 2025
The recent work on Global Hydrogen Generation Market outlook is a cognitive and statistical frame work on latest trends, drivers, and growth opportunities. The adaptable nature of hydrogen which spans from delivering renewable-energy system, emerging clean-energy with low carbon foot prints, and future mobility creates agility in global hydrogen generation market.
Strong demand for ammonia and large scale applications of ammonia among different industry sectors including production of nitrogen based fertilizers are some of the key trends in the hydrogen generation market. In 2018, around 50% of the worldwide production of hydrogen is used in the synthesis of ammonia.
Further, new technologies enabling large-scale renewable energy integration, cost effective power generation, decarburization trends in transportation sector, and demand for clean feedstock for industrial applications are key drivers of hydrogen worldwide.
In addition, desulfurization trends of fuel in transportation and decrease in crude quality is driving demand for global hydrogen generation market.
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Strong growth in investments significantly drives the global hydrogen generation market
Major companies associated with hydrogen production are largely investing in production facilities and are largely contributing towards the growth of the market.
For example, in 2018, Air Liquide group planned to build first global scale liquid hydrogen production plant dedicated to supply hydrogen to Western U.S markets. It also expects to invest over $150 million to build 30 tons per day (tpd) liquid hydrogen to cater demand from 35,000 hydrogen Fuel Cell Electric Vehicles (FCEVs).
Further, government sectors are also focusing on researching production, transportation and storage of hydrogen at large scale.
For instance, in March 2019, DOE issued a funding opportunity announcement (FOA) for up to $31 million to H2@Scale concept, which include advanced hydrogen storage and infrastructure R&D, innovative concepts for hydrogen production and utilization; and an H2@Scale pilot system with integrated production, storage, and fueling.
Steam reforming of gas significantly contributes for global hydrogen generation market growth, by technology
Steam reforming of gas is predominantly driving the hydrogen generation market over cost effectiveness and energy efficiency. Chemical process industry highly deploys steam reforming of natural gas for the production of ammonia, methanol and cryogenic industry.
In addition, key players operating in the hydrogen generation industry adapt steam methane reforming technology to achieve high level of purity in the production process.
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Increasing demand for green hydrogen leads to expansion of global hydrogen generation market size
Ongoing environment awareness coupled with stringent CO2 emission goals, growth in global renewable power with increase in capacity are key drivers for green hydrogen generation.
Industrial companies and energy utilities in North America, Europe, South Korea, and Japan plant to invest in green hydrogen production plans. For instance, in 2018, Gas Infrastructure Company, Gasuine New Energy and Dutch paints & chemicals have joined forces to study the possibility of building new “Europe’s largest green hydrogen production plant”. This installation uses 20MW water electrolysis unit and converts produced electricity into 3,000 tonnes of green hydrogen.
Further, governments are supporting use of green hydrogen as a major energy source that can replace fossil fuels such as coal, petroleum and natural gas over the long term future.
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Australia plans to emerge as the leading exporter of hydrogen to Asian markets
Asia Pacific is estimated to be the largest consuming regions of global hydrogen generation market during the forecast period. Relatively low costs of production coupled with ability to develop large scale projects, large gas reserves, and proximity to major Asian consumers remain the core competencies of Australia.
In addition to Australia, various other countries including Netherlands, Norway, the US, MENA countries, Brunei and others are also evaluating export opportunities for global hydrogen generation market.
Key players dominating the global hydrogen generation market
- Praxair, Inc
- Air products and chemicals,Inc
- Hydrogen Corporation
- Plug Power, Inc
- Air Liquide
- Fuelcell Energy
- Hydrogenics
- Iwatani
- Showa Denko
- Linde
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